Forex Trading Setups (05.14.2018) - GBPUSD, NZDUSD

Dear Steemians, welcome to Wave Analysis...
Today, we have 2 new trade setups. Then I will update the Hotlist.

You can see the charts and brief explanations down below. But if you like to have more details please visit the published idea pages on Tradingview by clicking the name of the assets and watch today's analysis video on DTube by clicking the following image.

New Trade Setups

GBPUSD

The first trade setup of the new week is in GBPUSD. In the 1D chart, there is a chance for Z wave. The minimum target will be 1.44 if it makes an up impulse. At least it should make a correction after sharp down move. That's why I think taking a long trade can be a good idea. I have placed an entry order. I hope it will come down before taking me in.

NZDUSD

NZDUSD has some potential for upside. There are 2 options.
(1) If the daily structure is an expanding flat, it should go up and break the previous top.
(2) If the top point with the yellow flag can be the end of the daily structure. In this case, it should make a correction like the yellow arrow after down impulse and then it should keep going down.
In both cases, there is a good chance for upside. That's why I like to take a long trade. As you can see, it broke the trendline and it looks like a correction after the breakout is in the making. So, placing an entry order can be a good idea.

Updating of Hotlist Items

Active Trades

USDCAD: It looks like we have a completed runnign flat. Now I'm waiting for a small correction to take another short trade.

USDJPY: I'm waiting for a bigger correction to take another long trade.

EURGBP: After sharp up impulse, it made a regular flat and then it went up. Now it's making another correction after breakout. That's why I have placed an entry order. If it goes up and take me in I will move my first trade's stop-loss to breakeven.

GBPCHF: As long as it stays belw the trendline I will not touch anything.

CHFJPY: If you don't have any long trade, wait for a flag. Don't jump in the trade.

XAUUSD: Both directions are very possible, just leave it alone. My stop-loss at the breakeven.

XAGUSD: IIf it breaks the trendline I will close my trade. I hope it's making a correction for more upside.

XPTUSD: Move stop-loss to breakeven and leave it alone.

Pending Orders

XPDUSD: Wait for breakout and small flag to take any short trade. When I take a short trade I will remove my entry order.

Waiting for Correction or Breakout

GER30**: Wait for a correction before taking any short trade.

You can visit the published idea page on Tradingview by clicking the name of the asset. If you like to see more details and explanations about this trade setup and updating of Hotlist items you can watch today's video on DTube by clicking the following image.

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Until next time, trade with care.

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What is Hotlist?
Hotlist a short list, which contains charts that were shared in previous days. So, today's new trade setup will be in the Hotlist tomorrow, and I will update its status every day until I remove it from the list. Each chart will be in the Hotlist as long as we have an active trade or a pending order or its trade setup remains valid.

Disclaimer:
Don't invest more money than you can afford to lose. Trading carries a high degree of risk. Everything here is my personal opinion, should not be considered as trade calls.